Introduction to DAO
A Decentralized Autonomous Organization (DAO) is a self-governing entity controlled by a community of token holders. The DAO proactively implements changes to ensure the protocol remains flexible and adaptable to the community's needs. This can be achieved through a democratic voting process where token holders can vote to change rules or make other protocol changes. The Media Network community is highly involved in decision-making through a decentralized voting system. This mechanism empowers the community to reach a consensus on crucial community objectives and targets, incentivize the rollout of new features, and strategize for future developments. The smart contract system encoded on the blockchain guarantees the immutability and enforceability of these agreements, ensuring that the decisions made by the DAO are transparent. The structure of the DAO ensures that the Media Network ecosystem maintains overall stability and growth. Its transparent and democratic nature gives the community a voice in the decision-making process, providing a flexible and adaptable protocol that can evolve alongside the community's changing needs. By empowering the community of token holders to participate in the decision-making process, the DAO enables a more democratic and decentralized governance structure, making Media Network a reliable and resilient web services marketplace.
Scope of Media Network DAO
MEDIA holders are responsible for a variety of duties. To ensure protocol success, they must form a consensus on essential community goals and targets. This includes incentivizing the release of new features and planning for future developments. MEDIA holders must proactively make changes to ensure the protocol remains flexible and adaptable. As part of this process, MEDIA token holders are expected to exercise their voting rights to impact changes in the protocol. Through the democratic voting system, token holders can propose and make changes to smart contracts to improve and ship new developments that enhance the marketplace of web services. This voting process empowers the community to determine governance and DAO processes beyond the technical layer of the protocol, thereby promoting transparency and accountability in decision-making. The transparent and democratic nature of the DAO ensures that the Media Network ecosystem maintains overall stability and growth with a flexible and adaptable protocol that can evolve alongside the community's changing needs.
MEDIA holders may be asked to:
Form a consensus on community goals to ensure the protocol's success. This includes determining key targets and objectives. Incentive the release of new features to improve the overall functionality of the network. Plan for future developments to ensure the protocol remains flexible and adaptable to the community’s changing needs. Affect changes in the smart contract system, allowing them to improve and ship new developments to enhance the web services marketplace. Determine governance and DAO processes outside of the technical layer of the protocol. Maintain overall stability and growth with a flexible and adaptable protocol that can evolve alongside the community's changing needs.
Practical Guide to Voting
Voting on-chain involves using MEDIA tokens in the voter's wallet. This allows token holders to participate in the democratic decision-making process and influence changes to the protocol. Using on-chain voting ensures the voting results’ transparency, immutability, and enforceability.
Costs of voting
Voting is conducted on the Ethereum mainnet, and its transaction fees depend on the current congestion level on the Ethereum blockchain. As such, the cost of voting is subject to fluctuation and can vary significantly. MEDIA holders must stay informed about current transaction fees and factor them into their voting decision-making process.
How is the voting calculated?
The Media Network ecosystem’s voting process is designed to promote fairness, transparency, and democracy. Each MEDIA token is equivalent to one vote, ensuring that all token holders have equal influence in decision-making. In this system, competing proposals may be introduced anytime, allowing the community to consider and evaluate various ideas. The transparent and decentralized nature of the voting system ensures that all participants can express their views and contribute to the decision-making process.
What’s the utility of the DAO?
The DAO has the ability to make decisions regarding various aspects of the protocol, including what purchases it should make, what changes should be implemented, and where funds should be allocated to improve the protocol, among other things. The primary purpose of the DAO is to provide transparency and accountability for the use of funds generated by the protocol.